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Omdia forecasts strong recovery in large-area display market for 2024, driven by sporting events and innovative production strategies

PRNewswire April 25, 2024

LONDON, April 25, 2024 /PRNewswire/ — Research from Omdia‘s newly released Large Area Display Market Tracker 4Q23 has found shipments of large-area displays (all displays above 9inches), including both LCD and OLED, are forecasted to increase by 7.4% year-over-year (YoY) in units and 11.1% YoY in area in 2024.

Large-area display area shipment forecast (millions of units)

“In 2023, demand for IT display products such as mobile PCs and monitors was weaker despite fewer price increases. Demand for TV displays also decreased , but LCD TV display prices increased according to display makers’ production-to-order policies, especially for LCDs in 2023,” said Peter Su, Senior Principal Analyst at Omdia.

Omdia expects supply and demand for large area displays to balance in 2024, particularly in the second half of the year. “After a period where demand for IT and TV display was pulled forward during the pandemic in 2020 and 2021 and then frozen in 2022 and 2023, display makers are now anticipating a recovery demand in 2024. Mid-2024 sporting events will serve as another catalyst for economic recovery,” Su added.

It is expected that TV displays will lead large-area display area shipment in 2024, accounting for 77.1% of its total thanks to LCD TV display size migration. Shipments of 98-inch and above LCDs are expected to reach 1.17 million, up from 0.65 million in 2023, marking an 81.6% YoY increase in 2024.

Large area display revenue was US$ 61.1billion in 2023, a 7.2% YoY decline, due to slower demand and IT display price recovery. Only TV display revenue increased by 12.3% YoY, driven by price hikes till 3Q23. Revenue for large-area displays is forecasted to reach US$74.2billion in 2024, a 21.4% increase YoY, buoyed by shipment and price recovery.

BOE led the market in large-area display unit shipments with a 33% share in 2023, followed by Innolux at 14.1% and AUO at 11.2%. In 2024, BOE is expected to maintain this lead at 31.1% market share, followed by Innolux at 12.5% and China Star at 12.2% respectively.

ABOUT OMDIA

Omdia, part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

Fasiha Khan Fasiha.khan@omdia.com

Large area display area shipment forecast (millions of square meters)

 

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Cision View original content:https://www.prnewswire.com/apac/news-releases/omdia-forecasts-strong-recovery-in-large-area-display-market-for-2024-driven-by-sporting-events-and-innovative-production-strategies-302126143.html

SOURCE Omdia

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